28 day Exchane of Contracts

DopeyDora_2

Hi,

Sorry for typo in the title, grr.

We put an offer in on Monday last week which was accepted. We were busy all last week instructing a solicitor, finalising the mortgage application with our broker (had already had an AIP before making the offer), looking at insurances etc.

We are FTB's & the house is vacant as vendor has relocated with work & is already living elsewhere.

We have been informed today that the house sale is being dealt with by the vendor's relocation company (Cartus, anyone heard of them?), & that they are asking for a 28 day Exchange of Contracts.

Does this mean 28 days from our offer being accepted on 31st July, ie 28th August (or next day given that that is a Bank Holiday)?

If so, how realistic is that timescale? What takes the longest time/delays things? Is there anything we personally can do to make sure things are done by then? Are they really likely to pull out of we haven't exchanged by then?

We are keen for things to move quickly too as we are renting & need to be out by mid Sep (though can stay with friends & relatives if needed).

Any advice gratefully received.

Dora x

Jorgan_2

You need to clarify if it is going to be 28 days from offer being accepted or the sales contract being issued. Ask the EA to clarify this with the relocation company. It is possible to exchnage within 28 days, make sure your lender is aware of the deadline, so they can instruct the survey and your solicitor is aware so that they can apply for searches etc. Keep the pressure on everybody.

DopeyDora_2

Hi Jorgan,

Thanks for your reply. Sorry to be dense, but what is the sales contract? We have had a letter entitled "memorandum of agreed sale" from the EA confirming acceptance of our offer & detailing vendors contact details as well as our, plus details of both solicitors. Is this what you mean? If so, it is dated same day as the accepted offer (ie 31st July).

Dora x

Jorgan_2

The sellers solicitor will issue a contract to your solicitor, it contains various pieces of information relating to the property. Your solicitor will require this info to be able to do the conveyancing, thats why its important to get the 28 days from contract being issued rather than offer being accepted.

DopeyDora_2

Aha,

That makes sense. I believe our solicitor asked the vendor's solicitor for this on Friday 4th Aug, so I will chase up in a few days time to make sure my solicitor has received the info & get a confirmation of dates.

Thank you so much!

Dora

ukmonkey

DopeyDora,

Noone will be able to guaruntee (I can never spell that word!) completion within 28 days.

Make sure that your solicitor sends the searches off asap, and that the mortgage application goes asap. Make sure also that both of these documents are also marked as "VERY URGENT".

The search company/council and the mortgage company may not take any notice of this at all, but it can't do any harm.

Good luck!

DopeyDora_2

Thanks for the advice ukmonkey. I have been reading your house buying thread with interest!